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Daiwa House JV allots ¥66B for China condo project

A joint venture between Japanese developer Daiwa House Industry Co. Ltd. and Chinese construction company Baoye Group Co. Ltd. earmarked ¥66 billion for a plan to develop 1,700 condominium units in Nantong, China, the Nikkei Asian Review reported.

Construction of the 17 to 18 residential buildings that the pair intends to develop will commence as early as October, with completion scheduled by early 2021. The site for the development is close to the commercial complex that Japanese retail giant AEON Co. Ltd. launched in December 2017, the Nikkei said.

Middle-class and wealthy investors are the targeted buyers for the project.

Daiwa House's partnership with Baoye Group dates back to 2006, with Daiwa House taking a 67% stake in the joint venture. As of 2017-end, the Japanese developer has sold 5,400 of the 5,600 condominiums that it built in China at various sites including in Changzhou and Dalian, the publication added.

As of Feb. 16, US$1 was equivalent to ¥106.01.